THE JOURNAL & TOPICS NEWSPAPERS | FRIDAY, MAY 2, 2008
Finances In Good Condition
The Village of Mt. Prospect remains in "good financial condition," according to Dave Erb, finance director.
During an annual financial planning workshop Tuesday night, Erb said the village was approximately $1 million in the "black" for 2007 due to a $698,325 grant the village received from the Federal Emergency Management Agency (FEMA), after last August's storms that barreled through the area.
The five-year financial forecast looks "tight," according to Erb, based on the current condition of the economy and the direction it's heading.
"We expect to remain in the black but the projections say otherwise," said Erb. "We as a staff need to be mindful of the budget and remain proactive and we will be fine."
Erb recently began compiling Capital Improvement Projects slated for between 2009-13. He will now prioritize those projects and determine which ones will be conducted depending on available funding.
Annually, approximately $3 million is spent on the street program, which fixes potholes and other components of the roads. Additionally, approximately $1 million is spent on improving water mains and sewers. Other work that is held annually includes upgrading of the village's computers and replacing trees throughout the community.
Erb said one major project the village is focusing on is the new Fire Station 14 that is expected to be constructed within the next 1-2 years along Kensington Road on the northeast side of town.
Lastly, Erb said "positive" results have come out of the Water Rate Study that he has worked on over recent months. Starting this past Jan. 1, Mt. Prospect residents shelled out a few more dollars for water and sewer service after village trustees approved a 5% increase in water and sewer rates.
Residents inside the village currently pay $5.96 per 1,000 gallons for water and sewer combined.
The money collected from residents is compiled and put into the Water Fund, where it is stored in case of emergencies, like broken valves or busted pipes to name a couple examples. Erb said due to adjustments that were made with its water cooperative, Joint Action Water Agency (JAWA), and the condition of the village's water fund, residents will pay an increase of 4% each year for the next three years instead of the 5% that was originally anticipated.
According to Erb, the 4% increase will result in residents paying an additional $.24 per 1,000 gallons of water instead of $.30 per 1,000 gallons. Since 1990, the village has followed the practice of approving moderate annual increases in water and sewer rates.
"Overall, the village is in good financial condition and we encourage any resident out there to attend our budget meetings in October and November," added Erb. "Any comments are helpful."